Senate confirms Cardoso as CBN’s MPC chair

The Senate has confirmed the nominations of 12 members of the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) after the consideration of a report by the Committee on Banking, Insurance and other Financial Institutions.

CBN Governor, Olayemi Cardoso, was confirmed as the chairman of the MPC.

Other members confirmed were CBN Deputy Governor, Muhammad Sani Abdullahi; CBN Deputy Governor, Bala Bello; CBN Deputy Governor, Emem Usoro; CBN Deputy Governor, Philip Ikeazor, and DG, Securities and Exchange Commission, Lamido Yuguda, among others.

President Bola Ahmed Tinubu had, through a letter addressed to the Senate President, Godswill Akpabio, asked the Red Chamber to confirm the nominees.

Tinubu said his action was in line with the provisions of Section 12 of the Central Bank of Nigeria (CBN) Act 2007.

The Chairman of the Senate committee, Senator Adetokunbo Abiru (APC, Lagos), in his presentation, said the nominees possess the academic qualifications, technical knowledge and professional experience to be members of the Monetary Policy Committee of the Central Bank of Nigeria.